Overview
- The class action was filed June 20 in the U.S. District Court for the Northern District of California, naming Tim Cook, Kevan Parekh and Luca Maestri as defendants.
- Shareholders led by Eric Tucker claim Apple’s stock has fallen nearly 25% since December 2024, wiping out roughly $900 billion in market value.
- The complaint alleges Apple lacked a working prototype of the advanced Siri AI features it touted at WWDC 2024 and had no basis to promise their delivery.
- Apple disclosed in March 2025 that it would push back its most powerful Siri upgrades to 2026, citing quality concerns for the postponement.
- The company has reassigned its Siri AI project leadership to Vision Pro head Mike Rockwell as it addresses development challenges and stiff competition in markets like China.